Iceland's trade position has worsened compared to last year after exports fell more than imports according to Statistics Iceland (SI)
Iceland's trade in goods deficit – exports minus imports – in the first eight months of 2014 is ISK 11.700 million (USD 97 million/ EUR 76 million) compared with a trade surplus of ISK 23.500 million (USD 194 million/EUR 154 million) in the first eight months of 2013, at current rates of exchange.
The total value of exports of goods in the first eight months of 2014 was 9% lower at current rates of exchange than in the same period in 2013. SI reports that exported manufacturing products were 52.9% of total exported goods and their value was 7.7% less than in the same period the year before, mainly due to aluminium. Marine products were 42.1% of the total exports and their value 11.8% lower than the same period the year before.
The total value of imports of goods in the first eight months of 2014 was 0.2% lower at current rates of exchange than in the same period in 2014, mainly because of industrial supplies, fuels and aircrafts. However, the imports of passenger cars and ships increased.
Iceland's main trading partners are the European Union and the US. Iceland is the one of the largest exporter of fish and fishery products to the EU.
Iceland's trade position has worsened compared to last year after exports fell more than imports according to Statistics Iceland (SI)
Iceland's trade in goods deficit – exports minus imports – in the first eight months of 2014 is ISK 11.700 million (USD 97 million/ EUR 76 million) compared with a trade surplus of ISK 23.500 million (USD 194 million/EUR 154 million) in the first eight months of 2013, at current rates of exchange.
The total value of exports of goods in the first eight months of 2014 was 9% lower at current rates of exchange than in the same period in 2013. SI reports that exported manufacturing products were 52.9% of total exported goods and their value was 7.7% less than in the same period the year before, mainly due to aluminium. Marine products were 42.1% of the total exports and their value 11.8% lower than the same period the year before.
The total value of imports of goods in the first eight months of 2014 was 0.2% lower at current rates of exchange than in the same period in 2014, mainly because of industrial supplies, fuels and aircrafts. However, the imports of passenger cars and ships increased.
Iceland's main trading partners are the European Union and the US. Iceland is the one of the largest exporter of fish and fishery products to the EU.
